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<br /> ARTICLE IV <br /> DISTRIBUTIONS <br /> 4.1 Normal Form of Benefit. <br /> Unless the Member elects an optional form of benefit as described under Section 4.2, <br /> payments to a Member of a Retirement Benefit shall be made in the form of a one-time lump <br /> sum payment commencing pursuant to Section 1.2 and in the amount specified in Section 2.1. <br /> This form of payment shall be the "Normal Form of Benefit." <br /> 4.2 Optional Forms of Benefit. <br /> <br /> In lieu of the Normal Form of Benefit, a Member may elect a form of benefit payment of <br /> Actuarial Equivalent value to the Normal Form of Benefit in one of the following forms: <br /> (a) Lifetime Benefit. Under this form of payment the Member receives monthly <br /> <br /> payments commencing pursuant to Section 1.2 and ending on the first day of the month <br /> in which the Member's death occurs. <br /> (b) Joint and 100% Survivor Payout. Under this form ofpayment: <br /> <br /> (1) The Member receives a reduced monthly benefit, and if the Member <br /> predeceases the Beneficiary, the Beneficiary will receive a monthly payment for the life <br /> of the Beneficiary equal to 100% of such reduced monthly benefit. <br /> (2) If the beneficiary predeceases the Member, the Member's reduced monthly <br /> payment will not increase. <br /> (3) The Member's designation of a Beneficiary shall become irrevocable upon a <br /> date selected by the Employer prior to commencement of benefits if electing this form of <br /> payment. <br /> -6- <br /> NB I :508358,9 <br />